Dublin, April 14, 2022 (GLOBE NEWSWIRE) -- The "Global Rare Earth Metals Recycling Market by Application (Permanent Magnets, Alloys, Polishing Materials, Glass, Catalyst, Phosphor, Ceramics, Hydrogen Storage Alloys), Technology (Hydrometallurgical, Pyrometallurgical) and Region - Forecasts to 2026" report has been added to ResearchAndMarkets.com's offering.
The global rare earth metals recycling market is estimated to be USD 248 million in 2021 and is projected to reach USD 422 million by 2026, at a CAGR of 11.2% from 2021 to 2026.
Rare earth metals are considered key elements in developing technologies in the communications, electronics, automotive, and military weapon sectors. The demand for these elements is expected to increase in the near future as these are key components in emerging applications, such as green technology and electric and hybrid vehicles.
Glass segment among the other applications to dominate the rare earth metals recycling market during the forecast period
Erbium, ytterbium, and neodymium are the most widely used rare earth metals in glass. Optical communication uses erbium-doped silica fiber, engineering materials processing uses ytterbium-doped silica fiber, and glass lasers used for inertial confinement fusion apply neodymium-doped. The ability to change the fluorescent properties of glass is one of the most important uses of rare earth metals in glass.
Rare earth is used as clarifier, additive, decolorizer, colorant, and polishing powder in the glass industry and plays an irreplaceable role in other elements. By using the characteristics of high refraction and low dispersion of some rare earth elements, optical glass can be produced, which can be used to make good lenses of cameras, cameras, telescopes, and other good optical instruments.
Hydrometallurgical technology segment to witness higher CAGR during the forecast period
Rare earth metals bearing deposits are limited and, hence, secondary sources of rare earth metals such as wastes are becoming the potential sources. Hydrometallurgical processing technology methodologies routed through leaching, solvent extraction, and precipitation is often preferred as a prominent technique for recovering rare earth metals from secondary wastes such as batteries, spent magnets, e-wastes, and others.
The technology has a number of advantages over the pyro-metallurgical route. The favorable features of this technique are low production costs, small amount of waste generation, and low levels of noxious gases emission, which prevent environmental contamination and enable a clean separation of targeted rare earth metals.
Fluorescent lamps to be the largest source of rare earth metals during the forecast period
The inner lining of fluorescent tubes is coated with phosphors, which absorb the ultraviolet light from electrically charged mercury vapor and re-emit visible light based on a mix of blue, green, and red emitters. While the adoption of LED lighting technology is growing rapidly, there are still about 2.3 billion fluorescent light sockets in the US, which will probably continue to be widely used in the foreseeable future.
Europium (Eu) and yttrium (Y) are two rare earth metals that are commonly used in sustainable technology and high-tech applications. As these metals are difficult to mine, there is a great scope for recycling them. They can be recovered from red lamp phosphor, a powder that is used in fluorescent lamps such as neon tubes.
APAC is the largest market for rare earth metals recycling
Asia Pacific has witnessed tremendous growth in the past few years, driven by the growing population, favorable investment policies, growing economies, and government initiatives directed at promoting electronics and automobile industries in the region. The region is the largest consumer of rare earth materials due to rapidly increasing demand in China, which accounts for the maximum consumption of rare earth metals globally.
The study includes an in-depth competitive analysis of key players
The rare earth metals recycling market comprises major solution providers, Solvay SA (Belgium), Hitachi Metals, Ltd. (Japan), Umicore (Belgium), Osram Licht AG (Germany), Energy Fuels, Inc. (US), Global Tungsten & Powders Corp. (US), and REEcycle Inc.(US) among others.
Market Dynamics
Drivers
- Increasing Demand from End-Use Industries
- Increasing Demand for Clean Energy
- Initiative of Associations & Regulatory Bodies
Restraints
- Fluctuating Costs of Rare Earth Metals
- Illegal Mining of Rare Earth Metal Ores
Opportunities
- Recycling of Rare Earth Metals Leads to Steady Material Sourcing
- Net-Zero Goals by 2050 to Promote Recycling of Rare Earth Metals
Challenges
- Safety of Workers in Rare Earth Metals Recycling Process
Industry Trends
Value Chain Analysis
- Mining & Rare Earth Ore Production
- Separation of Rare Earth Ore to Form Rare Earth Oxides
- Refining of Rare Earth Oxides
- Application
- End-Use Industries
- Rare Earth Metals Recycling
Technology Analysis
- Seren Technologies
- Worcester Polytechnic Institute
Case Study Analysis
- Nissan Testing New Rare Earth Recycling Process
- Recycling Process of Rare Earth Metals from Ni-Mh Batteries Proposed by Honda
- Bentley Aims to Revolutionise Sustainability of Electric Motors
COVID-19 Impact on Rare Earth Metals Recycling Market
Company Profiles
- American Rare Earth LLC
- Arafura Resources Ltd.
- Chenzhou City Jingui Silver Industry Co., Ltd.
- Energy Fuels, Inc.
- Geomega Resources Inc.
- Global Tungsten & Powders Corp.
- Guangsheng Nonferrous Metals Co., Ltd.
- Hitachi Metals, Ltd.
- Hypromag Ltd.
- Jiangsu Huahong Technology Stock Co., Ltd.
- Lynas Rare Earths, Ltd.
- Mitsubishi Electric Corporation
- Okon Metals, Inc.
- Osram Licht Ag
- Qingdao Huicheng Environmental Technology Co., Ltd.
- Reecycle Inc.
- Remretech GmbH
- Rocklink GmbH
- Seren Technologies Limited
- Showa Denko K.K.
- Solvay Sa
- Taiyuan Chemical Industry Group Co. Ltd.
- Umicore
- Urban Mining Company
For more information about this report visit https://www.researchandmarkets.com/r/646be5
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